Transak received two licenses to enhance its regulatory framework: in the US, a second money transmission license (MTL) from Delaware, and in Canada, registration with FINTRAC as a money services business (MSB). This event occurred against the backdrop of the growing crypto market in Canada, where 13% of Canadians owned Bitcoin in 2021.
Brian Keene, the Compliance Director of Transak, noted that the FINTRAC registration will simplify the process for Canadians to acquire digital assets and provide access to various payment options. The Delaware license also strengthens Transak's platform and improves user trust. Saim Start, the company's CEO, added that this underscores their commitment to creating a safe and compliant ecosystem for payments in Web3.
